Tokyu Land Corporation
JR East and Tokyu Land Corporation establish renewable energy fund ……
○ East Japan Railway Company (Headquarters: Shibuya-ku, Tokyo, President and CEO: Yuji Fukasawa, hereinafter referred to as “JR East”) and Tokyu Land Corporation (Headquarters: Shibuya-ku, Tokyo, President and CEO: Hiroaki Hoshino, hereinafter “JR East”) Tokyu Land Corporation (Tokyu Land Corporation) has established Sandia LLC (Head office location: Chuo-ku, Tokyo) as a renewable energy fund in order to jointly expand their renewable energy business.
○ As measures to address environmental issues are attracting attention both domestically and internationally, both companies, which are actively engaged in renewable energy projects, will work together to promote business to realize a decarbonized society.
○ The establishment of Sandia, a limited liability company, is a joint venture between JR East and Tokyu Fudosan Holdings Co., Ltd. (Headquarters: Shibuya-ku, Tokyo, Representative Director and President: Hironori Nishikawa, hereinafter referred to as “Tokyu Fudosan Holdings”) on February 14, 2023. This is based on a
comprehensive business alliance between the two companies.
1. Regarding the establishment and purpose of the renewable energy fund In March 2024, JR East and Tokyu Land jointly established Sandia LLC as a renewable energy fund. Sandia LLC was established to utilize the know-how of the Tokyu Fudosan Holdings Group, promote collaboration between the two companies, and promote the renewable energy business. At the same time as the establishment, two projects owned by Tokyu Land Corporation, Liene Shiroishi Solar Power Plant (Shiroishi City, Miyagi Prefecture, rated capacity approximately 6.7MW) and Liene Aizu Solar Power Plant (Kawanuma District, Fukushima Prefecture, rated capacity approximately 4.7MW), were established. Incorporated into Sandia LLC.
In addition, Liene Co., Ltd. (Headquarters: Shibuya-ku, Tokyo, Representative Director: Keisuke Nishida), a Tokyu Land Group company specializing in renewable energy, will be responsible for the asset management of Sandia LLC. We will make the most of Tokyu Fudosan Holdings’ know-how in the renewable energy business and build a stable fund management system.
In the future, we will proceed with the development and acquisition of renewable energy power plants that will be incorporated into Sandia LLC, and we plan to aim for the size of the renewable energy fund at Sandia LLC to be approximately 10 billion yen. Furthermore, the two companies will jointly deepen cooperation in areas such as
acquisition, development, and asset management, aiming to grow a fund in the 100 billion yen scale over the next 10 years.
[Image 1: https://prtimes.jp/i/6953/301/resize/d6953-301-0ecd59172f996b093f03-0.png&s3=6953-301-f951c863a5f5b00a2beeaa6b6eb34103-650×135.png ]
Image diagram of establishing a renewable energy fund
2. About the fund overview
[Table 2: https://prtimes.jp/data/corp/6953/table/301_1_9c46bf732c35c67b6b5682b5e14a7753.jpg]
[Image 2: https://prtimes.jp/i/6953/301/resize/d6953-301-75c3180adb89cc59f953-1.jpg&s3=6953-301-6557858d21d56add769cb2dc9d1b8f31-515×386.jpg] Liene Shiroishi Solar Power Plant
[Image 3: https://prtimes.jp/i/6953/301/resize/d6953-301-8111e32707a3dbc0cb8c-2.jpg&s3=6953-301-898339b794e6d9afc9d00200dbbb44b4-513×389.jpg] Liene Aizu Solar Power Plant
(Reference) Regarding the comprehensive business alliance between the two companies (concluded on February 14, 2023)
JR East and Tokyu Fudosan Holdings signed a comprehensive business alliance agreement on February 14, 2023, with the aim of solving social issues and growing both companies’ groups through
environmentally symbiotic and community-based sustainable urban development.
In order to pursue high synergy effects by utilizing the urban development-related assets, know-how, and human resources of both company groups, we will promote business including overseas expansion centered on the housing business and renewable energy business, and leverage the strengths of both companies. Our aim is to utilize our strengths to advance a wide range of business collaborations. In the renewable energy business, we will utilize the know-how of Tokyu Land Holdings and the land and building assets owned by the JR East Group to proceed with the development of solar power generation facilities and other facilities. In addition, the two companies will work together to develop renewable energy businesses in five locations within five years, including developing a menu of local coexistence in power supply areas. Additionally, we will form a fund to speed up business development through diverse financing.
https://www.jreast.co.jp/press/2022/20230214_ho01.pdf
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